Demand for secondary housing in Russia may grow by 22 percent

Demand for secondary housing after updating family mortgage rules in Russia may increase by 20-22 percent by the end of the year. This was reported by RIA Novosti with reference to a statement by the chief analyst of Cyan, Alexey Popov, at the 100+ Technobuild forum.

As for prices on the secondary market, the analyst believes that their growth rate will continue, and by the end of the year the increase will be 15 percent compared to last year. “There is no reason why the rise in prices can stop, because more accessible, cheaper lots are being washed out, and this process, in general, continues evenly throughout almost the entire year,” Popov emphasized.

The Ministry of Finance announced an update to the conditions for issuing family mortgages from October 1. The interest rate on the loan will be differentiated depending on the number of children in the family: from 4 to 12 percent per annum for Moscow, St. Petersburg, Moscow and Leningrad regions and from 2 to 10 percent for other regions.